6 Secret Weapons of Shy Entrepreneurs

There’s a misconception that all entrepreneurs are extraverts — boisterous or bubbly personalities who are always the life of the party. But they’re not. And even those who are extraverted can be shy.

There is a distinction. Introverts feel rejuvenated after they take time to be alone. They often enjoy quiet activities like reading their favorite book or spending time with a close friend. On the other hand, extraverts like to spend their free time amongst people, but shy ones are less likely to open up to a new acquaintance right away.

Shyness doesn’t have to be debilitating nor does it disqualify you from becoming successful. In fact, shy entrepreneurs have one big advantage over their extraverted counterparts: they almost never overtalk or overshare. Effective listening is the most important skill any entrepreneur could have and it’s a talent that comes very naturally to individuals who are shy.
If you consider yourself a shy entrepreneur, here are some ways you can cultivate your strengths.

1. Show, don’t tell. If you’re naturally shy, you most likely don’t enjoy public speaking, even on a small scale in a boardroom. Don’t risk embarrassment by trying (and most likely failing) to pitch an executive off-the-cuff. Instead, when you pitch a client, show them what you can do for their business. Create a presentation that speaks for itself and doesn’t rely so heavily on your ability to make the perfect pitch.

2. Prepare, prepare, prepare. Write and practice your elevator pitch before you ever need it. You never know who’ll run into on the way to lunch or as you wait in line for coffee. If you get the opportunity to introduce yourself to a potential client or investor, simply deliver your speech as if you’re speaking to a friend. You’ll come off more natural the next time you need to introduce yourself and your company to a group.  

3. Hire your employees wisely. You are your own best business card, but it doesn’t hurt to have a strong sales team to back you up. Especially for positions in marketing and sales, hire people whose strengths are your weaknesses. Make sure the people you hire share your vision but embody skills you lack.

4. Use technology to your advantage. If you’re extremely shy, try having a meeting with your your clients via technology. You may be more relaxed and find it easier to communicate through IM, Google Hangout and Skype. You’ll be more comfortable if you plan to follow-up with a face-to-face interaction.

5. Show genuine passion. Real passion, the kind that makes your eyes light up and drives you to keep working, is contagious. Your passion for your business and your customers will set you apart and make others notice you. Skip the small talk about the weather and share your passion with others. Share with your clients and customers how and why you started your business and what you love about it.

6. Push outside your comfort zone. It’s not always about who you know, but who knows you. Even if the thought of attending networking events makes you feel uneasy, attend them anyway. Make a goal to attend one or two every month. Introduce yourself to at least one new person at each event. You may be surprised at the number of doors you’re able to open simply by being at the right place at the right time.

 Source:  http://www.entrepreneur.com

A Modern Word Of Mouth Marketing

Social media marketing is when a business uses a social media, such as Facebook, Twitter or YouTube, to gain traffic or attention. The purpose of this form of marketing is to encourage visitors to share information gleaned with their social network. The message spreads from user to user, having the same effect as old fashioned word of mouth had in the past. When a message goes viral, in a positive way, it is of tremendous benefit to a brand. However, if the viral message is detrimental, it can have devastating consequences.

Social marketing gives a business the opportunity to connect in a personal way with vendors, competitors, customers, prospective customers, and the media. Blogging, videos, and photographs are a few of the ways and means businesses use to send a message to their various constituents. Because the message is interactive, constituents have a convenient way of acting on the message. They can like it, not like it, ignore it, or send it along to their circles of family, friends and associates.
Social marketing is a tremendous networking tool. Deals are made, products and services sold, and developing networks creates wealth. Networking, by way of sites like LinkedIn, expands opportunities. Networking has gone global.

Along with the tremendous opportunities of social marketing, there are a few drawbacks. For one thing, it takes a great deal of time and effort. A business can choose to outsource the work, but if it does not influence and ultimately control the outcome, the results could be disastrous. After all, the business risks the loss of positive brand identification. Bad word spreads; it is difficult to control, and even more difficult to repair. Although it is worth trying out, social networking is not an effective tool for all types of businesses.

Because learning the ins and outs of social media requires time, effort, training, and experience, most business learn to draw on the expertise of a reputable marketing firm that specializes in social media. An experienced marketing firm will have a background in campaign strategy and planning, campaign promotion, content and graphic design, prize management, performance analysis, legal adjudication, and will be able to provide technical support if in-house software is installed and utilized. There are many platforms that allow interactivity; it is important to select the right one and go with a campaign that suits your business and brand. Engagement in a two way conversation with constituents benefits everyone.

How concerning is wealth inequality?

It seems noble these days to be concerned with inequality. There is a constant barrage of people across the news discussing how extreme income inequality is a problem in America, but how much should it bother us? Bemoaning income inequality is a lazy way of discussing things we should actually care about, such as the plight of the poor, income mobility and macroeconomic stability.

Even though income inequality has increased in recent decades, there is little evidence that economic mobility has followed suit. Harvard University economist Raj Chetty led a recent study that found no change in economic mobility during the past 50 years.

All too often, people see the inequality issue as inextricably connected to poverty. Consider George Washington, a wealthy man of his day, who would likely be one of America’s first “1 percenters.” He lived through each winter eating only dried meats and starches. He lost his hair and teeth at an early age. He had no toilet, bathtub, running water or furnace.

Today, nearly all Americans with incomes below the poverty line have TV and a refrigerator. More than 80 percent have air conditioning, a landline and a cellphone. Most own a computer and a vehicle. They are more likely than other Americans to be overweight. An overwhelming majority of Americans below the poverty line have a higher living standard than America’s former top earners. At the same time, income inequality has grown precipitously. It was not redistribution that accomplished such improvement in their living conditions.

Some economists, most famously Joseph Stiglitz, argue that inequality creates macroeconomic problems, but his arguments do not align well with the facts. One of his chief arguments is that greater inequality makes it easier for the rich to influence politics and achieve policies such as lower tax rates and less regulation. It’s certainly plausible, but why, then, did a majority of individuals making $250,000 per year or more vote for President Barack Obama in 2008? He campaigned to raise taxes on the rich and to increase regulation of the health care and finance industries.

One of the great ironies of those on the left is that they simultaneously raise the alarms about big money corrupting politics, yet they want to give politicians more power. Each year, a mere 535 members of our society spend nearly $3.8 trillion. They are the 0.00017 percent of Americans who make up Congress and control a significant chunk of our economy. The more that we use government to temper income inequality, the more we concentrate power in the hands of a few.

What disappoints me most about the obsession with correcting inequality are the diatribes on fairness. The trouble with fairness is that five people will give half a dozen definitions of the word. I don’t consider it compassion to steal from Jones to give to Smith. Advocating that the government do so does not put you on moral high ground. Compassion is putting your own money where your mouth is.

Recently, Obama stated that income inequality is the “defining challenge of our time.” I think that people who say such things are the defining challenge of our time. Attempts to correct inequality are far more concerning to me than inequality itself.

Source: http://www.mndaily.com

Consumer Sentiment, Small Biz Optimism

Reports on consumer sentiment and small business optimism highlight next week’s economic calendar.

Both of those indicators are likely to be impacted at least indirectly by Friday’s better-than-expected labor report, which revealed that 175,000 jobs were created in February, far more than had been anticipated by economists, despite rough winter weather throughout much of the country.

When consumers believe their jobs are safe or that they can easily find another one, they are more likely to spend, which ratchets up demand and helps grow the economy.

The National Federation of Independent Business (NFIB) releases its Small Business Optimism Index on Tuesday and the results of the University of Michigan’s consumer sentiment survey are out Friday.

A key inflation gauge, the producer price index (PPI), is also due on Friday. The index was revamped last month and now provides a far more comprehensive look at U.S. inflation from the wholesale level.

The new PPI will include the prices of goods, services, government purchases, exports and construction that combined comprise about 75% of the U.S. economy. The old index only covered the cost of goods.

February retail sales figures are due Thursday. That number is widely expected to have been impacted by the snowstorms and frigid weather that is likely to have kept a lot of consumers home last month and out of the shopping malls and automobile lots.

Also due on Thursday is another inflation gauge, a report on import and export prices. Import  prices rose 0.1% in January and export prices rose 0.2%, the third straight monthly gain.

Philadelphia Federal Reserve President Charles Plosser and Chicago Fed President Charles Evans both speak on Monday. The two will undoubtedly be asked about how the February  jobs numbers might impact the Fed’s plans for tapering its bond purchases. The Fed next meets to decide policy on March 18 and 19.

Source: http://www.foxbusiness.com/

Jennifer Lawrence Trips at Oscars Again

ABC Entertainment News | ABC Business News  Oops, she did it again.

Jennifer Lawrence stumbled early tonight, even before the show started.

The 23-year-old actress, who famously fell at last year’s Oscars on her way up to the stage to accept the best actress award, tripped at the arrivals spot on this year’s Oscars red carpet.

Jennifer Lawrence Still Isn’t Over that Oscar Fall

Lawrence later told ABC News’ Lara Spencer that she tripped on an orange cone on her way out of the car. That, despite, taking her red strapless Dior gown for a test climb up the stairs.

“This year I actually did a stair test out on the back staircase and got it a little dusty, but it worked,” she said. “But I did trip over a cone, so I guess…I’m not safe.”

Host Ellen DeGeneres brought up Lawrence’s red carpet stumble during her opening monologue.

“If you win tonight, I think we should bring you the Oscar,” DeGeneres joked.